AVON, Colo., Aug. 27, 2008 (GLOBE NEWSWIRE) -- Advantage Capital Partners, a leading venture capital and small business finance firm, today announced a $1.9 million investment in Natural Cleaners Colorado LLC, a dry cleaning business utilizing environmentally friendly cleaning processes.
Advantage Capital's investment, made in connection with Colorado's Certified Capital Company (CAPCO) program, will be used to form two new natural cleaning operations in Grand Junction and Steamboat, with possible future expansion to other locations throughout the state. A centralized plant in each location will service a number of drop stores providing maximum neighborhood coverage and customer convenience.
"The conversion of the dry cleaning industry to non-toxic cleaning methods is an important effort and Natural Cleaners is at the forefront of the 'green' initiative in these rural Colorado neighborhoods," said Phil Thomas, senior vice president at Advantage Capital. "In addition to the positive environmental aspects of this deal, the funding will also help support nearly 30 new and existing jobs."
Natural Cleaners began operations in 2005 in Avon, Colo. The company uses various pollution free dry and wet cleaning processes, including state-of-the-art CO2 and GreenEarth cleaning technologies to ensure high quality service at a competitive price.
"The use of traditional chemicals in this industry is being scrutinized by concerned regulators, therefore it is critical for dry cleaning operations to find alternative cleaning methods," said Donald Oswald, Natural Cleaners founder and general manager. "Thanks to Advantage Capital and the CAPCO program, we're able to advance our mission of providing convenient, pollution-free dry cleaning services to environmentally conscious consumers."
The CO2 cleaning process is a carbon dioxide-based cleaning process that has been developed for use by commercial and retail dry cleaners. The CO2 is a byproduct of other manufacturing plants and is water-soluble with no residual odor. The GreenEarth process uses a solution invented by GE and Proctor and Gamble, a non-toxic, non-irritating to the skin substance, with no immunosuppressant effect. The U.S. Environmental Protection Agency (EPA) designates GreenEarth cleaning as a Significant New Alternatives Policy (SNAP) program material, a good substance to use in place of ozone depleting chemicals.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a leading venture capital and small business finance firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices and partners in New Orleans, St. Louis, New York, Washington, D.C., Austin, Denver, Madison and Huntsville, Advantage has raised more than $950 million in institutional venture capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.
About the Certified Capital Company program
Advantage Capital Partners is a leading participant in the Certified Capital Company (CAPCO) program, a state economic development tool designed to strengthen state economies by stimulating the flow of investment capital to local small businesses, creating high-paying jobs and increasing state tax revenues. Under a CAPCO program, insurance companies are encouraged to invest in certified capital companies; the state allows the insurance companies to claim tax credits for qualified investments in CAPCO funds. Taken over time, the tax credits generate large pools of private venture capital to be invested in the state. CAPCOs leverage the funds received from insurance companies to invest in qualified small businesses. For more information, visit http://www.advantagecap.com/state_investment_programs.htm.